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Author : Jeffrey Jacob Trester
Publisher :
ISBN 13 :
Total Pages : 123 pages
Book Rating : 4.:/5 (246 download)
Download or read book Three Essays in Venture Capital and Intermediation written by Jeffrey Jacob Trester and published by . This book was released on 1993 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Abdelhamid Riani
Publisher :
ISBN 13 :
Total Pages : 200 pages
Book Rating : 4.:/5 (12 download)
Download or read book Three Essays on Venture Capital Backed Firms and Peer to Peer Lending written by Abdelhamid Riani and published by . This book was released on 2019 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fan Wang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)
Download or read book Three Essays in Venture Capital written by Fan Wang and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jeffrey Scott Kobayahsi Peter
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (871 download)
Download or read book Three Essays on Venture Capital Finance written by Jeffrey Scott Kobayahsi Peter and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture capital finances high-risk, high-return projects. In addition to financing, venture capitalists provide advice and expertise in management, commercialization, and development that enhance the value, success, and marketability of projects. Venture capitalists also have skills in selecting projects with potentially high returns. The first chapter investigates the contracting relationship between venture capitalists and entrepreneurs in a setting where the venture capitalist and entrepreneur contribute intangible assets (advice and effort) to a project that are non-contractible and non-verifiable. In general, in the private market equilibrium, advice provided by the venture capitalist and the number of projects funded are lower than the social optimum. Government tax and investment policies may alleviate these market failures. The impact of a capital gains tax, a tax on entrepreneur's revenue, an investment subsidy to venture capitalists, and government run project enhancing programs are evaluated. Finally, we analyze the effects of a government venture capital firm competing with private venture capital. The second chapter focuses on competition in venture capital markets. We model a three-stage game of fund raising, investment in innovative projects and input of advice and effort, where fund raising is used as an entry deterrence mechanism. We examine the impacts of taxes and subsidies on venture capital market structure. We find that a tax on venture capitalist revenue and a tax on entrepreneur revenue increase the likelihood of entry deterrence and reduce the number of projects funded in equilibrium. A subsidy on investment reduces the likelihood of entry deterrence and increases the number of projects funded. The third chapter examines the venture capitalist's choice of investment in project selection skills and investment in managerial advice. We model, separately, a private venture capitalist and a labour-sponsored venture capitalist (LSVCC) with different objectives. A LSVCC is a special type of venture capitalist fund that is sponsored by a labour union. The private venture capitalist maximizes its expected profits, while the LSVCC maximizes a weighted function of expected profits and returns to labour. Consistent with empirical evidence, the quality of projects, determined by project selection skills and managerial advice, is higher for the private venture capitalist.
Author : Nico Lehnertz
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Three Essays on Venture Capital and Its Impact on Performance, Capital Structure, and the Exit Decision of New Ventures written by Nico Lehnertz and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hannes Maxin
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (117 download)
Download or read book Three Essays on the Economic Analysis of Venture Capital and Startups written by Hannes Maxin and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Laura Lindsey
Publisher :
ISBN 13 :
Total Pages : 274 pages
Book Rating : 4.F/5 ( download)
Download or read book Essays in Venture Capital written by Laura Lindsey and published by . This book was released on 2004 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rajarishi Basantraj Nahata
Publisher :
ISBN 13 :
Total Pages : 262 pages
Book Rating : 4.:/5 (611 download)
Download or read book Essays on Venture Capital written by Rajarishi Basantraj Nahata and published by . This book was released on 2004 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hanqing Zhou
Publisher :
ISBN 13 :
Total Pages : 119 pages
Book Rating : 4.:/5 (329 download)
Download or read book Three Essays on Financial Intermediation, Investment and Monetary Transmission written by Hanqing Zhou and published by . This book was released on 1993 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Georg Gebhardt
Publisher :
ISBN 13 : 9783898255325
Total Pages : 103 pages
Book Rating : 4.2/5 (553 download)
Download or read book Venture Capital, Takeovers and Time-varying Returns written by Georg Gebhardt and published by . This book was released on 2002 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Suting Hong
Publisher :
ISBN 13 :
Total Pages : 178 pages
Book Rating : 4.:/5 (885 download)
Download or read book Essays on the Venture Capital Market written by Suting Hong and published by . This book was released on 2014 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are two ways for a venture capital (VC) firm to enter a new market: initiate a new deal or form a syndicate with an incumbent. Both types of entry events are extensively observed in the data. This dissertation examines (i) the causes of syndication between entrant and incumbent VC firms, (ii) the impact of entry on VC contract terms and survival rates of VC-backed start-up companies, and (iii) the effect of syndication between entrant and incumbent VC firms on the competition in the VC market and the outcomes of incumbent-backed ventures. This dissertation contributes to the existing literature by developing an analytical framework to examine the strategic interactions between entrant and incumbent VC firms, and to investigate the impact of VC firms' entry and syndication on the survival of VC-backed start-ups. The baseline model characterizes the endogenous matching between entrepreneurs and VC firms. In particular, the model captures the following salient features of the VC market: (i) bilateral negotiations between VC firms and entrepreneurs, and (ii) interdependent negotiations of different pairs of VC firms and entrepreneurs. By extending the baseline model to allow for coalition formation among VC firms, this dissertation explores the motive of VC firms to syndicate. Consistent with the empirical observation, the model shows an incumbent VC firm may strategically form syndicates with entrants to maintain its bargaining power. The theoretical analysis provides the following predictions. First, an incumbent VC firm is less likely to syndicate with entrants as the incumbent's expertise increases. Second, entry of VC firms increases the likelihood of survival for incumbent-backed start-up companies, while syndication between entrants and incumbents dampens the competitive effect of entry. Using a data set of VC-backed investments in the U.S. between year 1990 and 2006, this dissertation provides empirical evidence that is consistent with the theoretical predictions. To control for the endogeneity of VC firms' entry and syndication, this dissertation follows instrumental variable approach, and the estimation results remain robust.
Author : Arash Soleimani Dahaj
Publisher :
ISBN 13 :
Total Pages : 150 pages
Book Rating : 4.:/5 (13 download)
Download or read book Essays on International Venture Capital written by Arash Soleimani Dahaj and published by . This book was released on 2017 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture Capital firms (VCs), compared with other sources of financing, are known to be a value-adding source of finance for high-growth entrepreneurial firms. Venture capital has transitioned from a local to an international subject in recent years. In this thesis , I address three important aspects of the international venture capital research area. In the first essay, I answer these questions: do venture capital firms decide to invest in a cross-border company based solely on their own international experience, or do they also decide based on other venture capital firms' behaviour in investing in that country? I address these questions by investigating vicarious and experiential learning in the venture capital context, focusing on US cross-border venture capital investment data from 2000 to 2013. The analysis indicates that, on average, venture capital firms use both experiential and vicarious learning strategies in making their cross-border investment decisions. Moreover, the effect of experiential learning is greater than that of vicarious learning, and a venture capital firm's size moderates this effect. In the second essay, I answer this question: do government venture capital funds crowd-in or crowd-out international private venture capital investment? The crowding-in effect arises when international private venture capital benefits from government subsidies through the enhancement of an entrepreneurial ecosystem and investment syndication. The crowding-out effect arises when government venture capital competes with private venture capital, bidding up deal prices and lowering returns, thereby spurring local private venture capitalists to invest internationally. I examine data from 26 countries from 1998 to 2013. The analysis indicates that, on average, more mixed-structured government venture capital investments than pure-structured government investments in a country crowds-in domestic and foreign private venture capitalists internationally. Moreover, the effect of both structures is greater on domestic private venture capitalists than on foreign ones. In the third essay, I investigate whether government venture capital practices in Canada promote a robust entrepreneurial ecosystem, by analyzing the effect of these practices on domestic and cross-border venture capital investments by private venture capital firms separately. I research the following two questions in parallel: a) Does Canadian government venture capital investment attract private venture capital firms to invest in the domestic market? b) Does Canadian government venture capital investment lead to, or prevent, domestic private venture capital firms from investing in other countries? I find that Canadian government venture capital investment has no measurable impact on private venture capital firms' decisions to invest in the domestic market. I also find that certain of the Canadian government's venture capital programs have displaced private venture capital, although with negligible impact, towards cross-border VC markets, primarily to the United States.
Author : João de Almada Moreira Rato
Publisher :
ISBN 13 :
Total Pages : 206 pages
Book Rating : 4.:/5 (458 download)
Download or read book Two Essays in Venture Capital Financing written by João de Almada Moreira Rato and published by . This book was released on 2000 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Philip Charles Lauinger
Publisher :
ISBN 13 :
Total Pages : 334 pages
Book Rating : 4.:/5 (112 download)
Download or read book The role of the venture capital industry in the financial intermediation process written by Philip Charles Lauinger and published by . This book was released on 1984 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yue Fei
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (114 download)
Download or read book Essays on Venture Capital and Innovation written by Yue Fei and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation investigates the firm incentives to participate in entrepreneurial and innovative activities. The first chapter examines and evaluates the private sector's response to public involvement in venture capital. The second chapter studies and estimates the performance gap between government linked and private venture capitalists and the determining factors of this performance gap. The third chapter provides a theoretical framework to understand and analyze the firm-level innovation incentives in the industrial networks. In Chapter 1, titled "Can Governments Foster the Development of Venture Capital?", I examine the role of government intervention in the emergence of venture capital (VC) in China during 1999-2013 using a novel dataset and a unique policy experiment. The difference-indifference analysis shows that the central government program leads to an increase in local investment from both government and private VCs. In Chapter 2, titled "(Under)performance of government venture capitalists: Evidence and explanations", using the sample from the same source as in Chapter 1, I find that startups backed by government VCs are less likely to have Initial Public Offering (IPO) exits than private VCs. Evidence shows that the performance gap is narrowed down when the VC market develops into a more mature stage. In Chapter 3, titled "Firm Level Match under Imperfect Information Along the Global Value Chain", (joint with Rui Zhang), we develop a 1-m frictional positive assortative matching (PAM) model along the global value chain. We show the existence of multiple equilibria where a supplier could be matched to different headquarters, but at different stages on the value chain. Our model also features countervailing forces of firm innovation incentives and we predict a nonmonotonic pattern between innovation and firm productivity.
Author : Ibolya Schindele
Publisher : Rozenberg Publishers
ISBN 13 : 9051709471
Total Pages : 181 pages
Book Rating : 4.0/5 (517 download)
Download or read book Three essays on venture capital contracting written by Ibolya Schindele and published by Rozenberg Publishers. This book was released on 2005 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marcos A. Mollica
Publisher :
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4.:/5 (72 download)
Download or read book Essays on Venture Capital Investment written by Marcos A. Mollica and published by . This book was released on 2006 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
